EUR/GBP drops to weekly lows near 0.8870 – by pabspiovano EURGBP Currencies Crosses
The appetite for the risky assets loses momentum on Wednesday.The upside bias in the British pound weighs onEUR/GBP retreats for the third session in a row midweek and extend the offered bias following recent 5-month peaks near 0.8980 .results, put the cross under heavy downside pressure and sponsored the ongoing drop to 4-day lows.are expected to drive the price action around the cross as well as the progress of the Fed’s normalization process.
So far, the ECB has already anticipated a 25 bps rate hike in March, while investors also appear to lean towards a similar rate hike by the “Old Lady” following the bank’s more optimistic projections unveiled at the latest gathering.The cross is losing 0.15% at 0.8889 and the breakdown of 0.8758 would expose 0.8721 and finally 0.8636 . On the other hand, the next up barrier emerges at 0.8978 followed by 0.9000 and then 0.9277 .
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